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With six months to go before Brexit, only 630 finance jobs have left UK, claims Reuters

With six months to go before Brexit, only 630 finance jobs have left UK, claims Reuters

As few as 630 UK-based finance jobs have been shifted or created overseas with just six months to go before Brexit, a far lower total than banks said could move after Britain’s surprise vote to leave the European Union, according to a new Reuters survey. Many bankers and politicians predicted after the June 2016 referendum that leaving the EU would prompt a mass exodus of jobs and business and deal a crippling blow to London’s position in global finance.

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Britain should make it easy for high skilled immigrants in the wake of Brexit vote

Britain should make it easy for high skilled immigrants in the wake of Brexit vote

The UK Government should restrict levels of  immigration by low-skilled workers after Brexit, but at the same time make it considerably easier for for medium-skilled and high-skilled workers from around the world, according to a new report from the Migration Advisory Committee. The detailed report was commissioned in July 2017 by Home Secretary Amber Rudd. Its main conclusion is that there is a great deal of hard evidence of the benefit enjoyed by the UK as a result of the migration of highly-skilled migrants and that future policy should reflect this. The study published today, Tuesday, is expected to have a significant effect on the contents of the government’s immigration white paper, due for publication later this year. The report’s conclusions closely match the policy proposals that Home Office officials have outlined to immigration specialists. However, no special preference would be given to EU citizens in the UK’s future immigration system post-Brexit.

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Major tech companies continue to acquire new London offices, despite Brexit concerns

Major tech companies continue to acquire new London offices, despite Brexit concerns

Major tech firms continue to acquire large London offices, despite Brexit concernsThe repercussions of a no-deal Brexit are being hotly debated but there are some indications that it’s yet to impact the Capital’s commercial property sector. A number of leading tech and creative companies have continued to acquire large volumes of office space across London. According to figures from CBRE, take-up of Central London office space stood at 1.2m sq ft in July 2018, above the 10-year monthly average of 1.0m sq ft. The increase in July was largely down to two Facebook deals at 11/21 Canal Reach, N1 and Building P2 Handyside Street, N1, where in total 600,600 sq ft of office space has been filled. The creative industries sector led July take-up at 679,400 sq ft, representing 61 percent of the space taken; with the business services sector acquiring 17 percent of space, with 133,200 sq ft going to flexible office providers. In the past 12-months, business services has been the principal sector, accounting for 31 percent of take-up ahead of the creative industries (25 percent) and banking and finance sector (16 percent).

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Finance professionals prioritise protection of employment rights in Brexit deal

Finance professionals prioritise protection of employment rights in Brexit deal

Securing employment rights for workers must be one of the key priorities of any Brexit deal, according to a fifth of finance professionals surveyed by REED. The recruitment agency asked almost 800 senior finance professionals about company preparations for leaving the EU, finding that only prioritising a free trade deal for the UK (31 per cent) received more votes than securing employment rights (20 per cent). Finance professionals gave considerably less backing for prioritising membership of the single market (18 per cent), self-determined UK law (10 per cent), the customs union (10 per cent) and border controls (10 per cent).

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Business leaders admit recruitment process could be significantly affected by Brexit

Business leaders admit recruitment process could be significantly affected by Brexit

Business leaders admit recruitment process could be significantly affected by BrexitA quarter (25 percent) of businesses currently employ staff from the EU but half (50 percent) of business leaders say they would be put off employing someone from the EU after the immigration laws change a new survey has claimed. A quarter (25 percent) are also concerned the recruitment process will become lengthier, and almost a fifth (19 percent) believe it will become more costly. The study by Blacks Solicitors also found business leaders in the UK don’t feel confident in communicating the forthcoming changes to employees’ rights during Brexit. A quarter (23 percent) revealed they feel underprepared, and a further 61 percent say they are worried about leaving the EU. More →

Financial centres in UK cities outside London are set to suffer most from Brexit

Although news reports about the impact of Brexit on the UK’s financial services sector have focused almost exclusively on London, a new report from the Centre for Cities claims that the decision to leave the EU will have a disproportionately larger impact on the centres in the UK’s other major cities, which employ two thirds of all people in the sector. The report explores the financial and professional services sectors in cities across the UK, and looks at what the relationships are with London-based firms in these industries. The report by the think tank supported by the City of London Corporation London: The geography of financial services in the capital and beyond looks at how much individual cities across the UK export in services, and what proportion of these services exports came from the financial sector.

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Home Offices launches Brexit toolkit for employers to support EU settlement programme

Home Offices launches Brexit toolkit for employers to support EU settlement programme

Employers, industry groups and community groups in the UK will be able to give EU citizens practical advice on how to apply for settled status in the wake of the Brexit vote with the help of a new toolkit published by the Home Office. The toolkit will be published on GOV.UK and contain how-to guides, briefing packs, practical plans, leaflets and posters. The Home Secretary launched the toolkit at the Home Office last night (Tuesday 24 July) at a gathering of some of the UK’s biggest employers of EU citizens, as well as industry bodies, local government agencies and community groups, many of whom played a key part in developing the toolkit.

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A quarter of London start-ups have considered relocating to deal with Brexit uncertainty

A quarter of London start-ups have considered relocating to deal with Brexit uncertainty

It has now been more than two years since the UK voted in favour of leaving the European Union, and new research Studio Graphene in partnership with City Road Communications claims to reveal new information about how Brexit has impacted on London’s early stage businesses. Based on a survey of more than 100 founders of London startups, the study shows that since the EU referendum the vast majority of entrepreneurs have remained loyal to the capital, showing no sign that they want to move to help improve the growth prospects of their business. It also uncovered the way young companies are responding to the challenges posed by Brexit.

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Employers and government need to work together to address looming Brexit skills gap

Employers and government need to work together to address looming Brexit skills gap

As the UK continues to navigate a period of uncertainty ahead of its exit from the European Union, new research published by the City & Guilds Group and Emsi claims that nine in 10 employers already struggle to recruit the skilled staff they need. With most industries expected to grow between now and 2024, a significant number of skilled workers will be needed to meet demand. However, People Power, a study based on City & Guilds Group interviewing over 1,000 C-Suite employers in the UK and work with Emsi to undertake extensive economic modelling, has found that two thirds of UK employers think that the skills gaps in their businesses are likely to get worse or remain the same in the next three to five years.

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Brexit will harm UK infrastructure improvements, say industry professionals

Brexit will harm UK infrastructure improvements, say industry professionals

brexit infrastructureSix in ten (59 percent) people involved in planning and delivering projects across the UK think that leaving the EU will make it harder to deliver improvements to the nation’s infrastructure, according to exclusive new research from the team behind the Public Sector Show and National Infrastructure Forum. The findings are based on a survey of over 200 professionals from across the public and private sectors, conducted by the National Infrastructure Forum – part of the Public Sector Show – in association with Burges Salmon, exploring the views of the country’s major building priorities for the coming years.

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Flow of gig workers moving in and out of Britain will increase due to Brexit

Flow of gig workers moving in and out of Britain will increase due to Brexit

Flow of gig workers moving in and out of Britain will increase due to BrexitUK businesses are already one of the top employers of short contract “gig workers” at an international scale and with Brexit just around the corner,  a new survey commissioned by Graebel and carried out by Wakefield Research found that 97 percent of UK Millennials would be interested in relocating to another country for a contract job. After Brexit takes place, nearly three in five (58 percent) British gig workers are more likely to relocate from the U.K. to another EU country for a contract job, and 72 percent of British Millennials answered the same way. Gig workers in each of the top three gig economy markets (UK, US and Singapore), were asked how companies can cater for the needs of this new generation of workers and how to retain their top talent. New York (33 percent), Los Angeles (21 percent) and Paris (21 percent) are the top three picks for UK gig workers looking to relocate. On the other hand, London is still the top choice for US gig workers (33 percent) and second choice for gig workers in Singapore (26 percent).

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Brexit: CBI stresses importance of getting new rules right for UK construction

Brexit: CBI stresses importance of getting new rules right for UK construction

Brexit: CBI stresses importance of getting new rules right for construction

Brexit presents opportunities for rule changes in sectors such as agriculture, shipping and tourism that could ultimately benefit the British economy and consumers. This is according to a new CBI study, “Smooth Operations, compiled over a six-month period, which states that the opportunities for divergence are vastly outweighed by the costs of deviating from rules necessary to ensure smooth access to the EU market. Another important finding is that changes to rules in one sector have significant knock on effects for companies in other sectors and throughout supply chains. There are specific regulatory needs for the construction sector, according to the report, the first being regulatory convergence on rules for construction products and materials, vital to protect the competitiveness of manufacturers and avoid major barriers to trade. The CBI also argues that maintaining equivalence in procurement rules between the UK and EU is important, but there are still opportunities to improve how the UK procures work in the construction sector without diverging from EU rules.

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